PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · May 23, 2012
Homeowners and Military Families Tax Fairness Act - Amends the Internal Revenue Code to: (1) extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence, (2) extend through 2012 the tax deduction for mortgage insurance premiums, and (3) exclude from gross income any National Mortgage Settlement amount.
Defines "National Mortgage Settlement amount" as any amount received pursuant to the settlement in a legal action against Bank of America Corporation filed in U.S. District Court on March 12, 2012, which is: (1) a payment for transitional assistance; (2) a payment from the Borrower Payment Fund under the National Mortgage Settlement to a borrower whose home was finally sold or taken in foreclosure after December 31, 2007, and before January 1, 2012; or (3) a payment received as a result of a foreclosure that the Attorney General has determined was not in compliance with the Servicemembers Civil Relief Act.
People & committees
Sen. Stabenow, Debbie [D-MI] · D–MI
Legislative record
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Read twice and referred to the Committee on Finance.
Introduced in Senate
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Source last updated: Dec 6, 2025. Consult Congress.gov for the current record.
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